Start an Accounting Practice
There are a few different paths to starting your accounting practice
First though, you should assess the local market to determine the likelihood of succeeding in your new venture:
- How many local practitioners are already providing the service(s) you plan to provide? How large are they and what are their reputations?
- How large is the potential client base (individual and business) in the local market?
- What are the current demographics of individuals and business relying on professionals to provide your planned service(s) versus other options (i.e. TurboTax)?
Answers to the questions above will begin you on analysis of which of the following is the best way to start your practice:
- Organically build your current accounting practice a client at a time through targeted marketing and sales strategies; or
- Buy or merge with an existing accounting practice to assimilate their book of business.
Each has its merits, depending on the local market and your time frame, cash flow requirements, resources, and marketing and sales capabilities.
During our initial discovery phase, ProHorizons will assess these factors and more to recommend your best path for growth—then deliver the right consulting or transaction services to get you there.
Recommendations to Get You Started
We recommend first reading Buying vs. Building Your Accounting Practice, a complimentary tool to help you evaluate the differences and initially determine which may be the right path for you.
- Does organic accounting practice growth seem right for you? Visit our Workshops, Consulting Services, and Consulting Packages pages for the solutions we deliver to support your business development skills and strategies.
- Or, is acquiring an accounting practice the best approach for you? Visit Buy an Accounting Practice to see how we can quickly connect you with sellers and expertly guide you through the process.
Call us to discuss the pros and cons of buy vs. build as it relates to your particular circumstances and goals for practice growth. Our Initial Consultation is complimentary and confidential—and will help you determine your next step.